Palmira and Crossroads acquire the first two light industrial properties, c. 43,500 sq m, for First Business Parks
First Business Parks, a joint venture founded by Palmira Capital Partners and the Crossroads Real Estate Fund to invest in light industrial property, has acquired its first two investments - in Frankfurt and Wiesbaden, in the fast-growing Rhine-Main region.
In Wächtersbacher Strasse, Frankfurt, it has purchased a three-section commercial park with a total lettable area of 16,829 sq m, immediately adjoining the "Klassikstadt" centre for classic automobiles.
The second acquisition is a modern, almost 26,500 sq m commercial park, immediately adjoining the A66 motorway in Borsigstrasse, Wiesbaden.
Both properties include high quality office and commercial space that is available for letting.
The transactions were brokered by Immolox, Frankfurt.